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Recent accounts of the EU have portrayed the union as plagued by an austerity regime and rampant moral hazard. The author provides an alternative account of economic cooperation in Europe during the Great Recession and the European Debt Crisis. Drawing on Mancur Olson's theory of collective action, this volume combines evidence from statistical analysis and extensive interviews with key players. This book reaches an unexpected conclusion regarding the state of collective action in times of crises: free riding was not rife. Despite heated accusations, member states crisis policies matched their fiscal room for maneuver. The real collective action failure is instead diagnosed in the inability to sanction free riders at the EU level and empowering erratic bond markets to discipline governments.

Fiscal policy --- Monetary unions --- Fiscal policy - European Union countries --- Monetary unions - European Union countries

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Monetary unions --- Monetary policy --- European Union --- European Economic Community --- History --- Monetary unions - European Union countries --- Monetary policy - European Economic Community countries --- Monetary unions - European Economic Community countries

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European currency unit --- Markets --- Finance --- Ecu (Monnaie européenne) --- Marchés --- Finances --- Monetary policy --- Monetary unions --- Ecu (Monnaie européenne) --- Marchés --- Monetary policy - European Union countries --- Monetary unions - European Union countries

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L'ouvrage de référence pour comprendre les débats sur l'avenir de la zone euro.0Depuis la signature du Traité de Maastricht, le parcours de l?euro n?a pas été un long fleuve tranquille : critiques du rôle de la Banque centrale européenne, absence de politique budgétaire commune, crise de la dette souveraine, remise en cause des fondements de la monnaie unique? L?architecture de la zone euro pose des questions. L?UEM cherche un second souffle dans un contexte international instable.00Cet ouvrage permet de comprendre les difficultés auxquelles la zone euro est confrontée et les défis qu?elle doit relever pour se rapprocher d?une zone monétaire optimale. En abordant à la fois les problématiques monétaires, budgétaires, fiscales, financières et bancaires, il permet de cerner, de façon exhaustive, les différentes facettes de la gouvernance économique de la zone euro.

Monetary unions --- Monetary policy --- European Monetary System (Organization) --- Union économique et monétaire --- Monetary unions - European Economic Community countries --- Monetary policy - European Economic Community countries --- Monetary unions - European Union countries --- Monetary policy - European Union countries

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"At the beginning of 1998 the member states of the European Union will decide whether or not to go ahead with their monetary union and determine which countries qualify as members. There is a high likelihood that Stage III of the Maastricht process - monetary union itself - will commence on January 1, 1999, and that a single currency, to be known as the Euro, will replace the national currencies of the founding member states at the beginning of 2002"--BOOK JACKET. "Whether EMU is feasible and desirable is contested among economists and politicians alike. This book sheds light on the controversy by considering seven major aspects: (1) what the theory of optimum currency areas reveals about the EMU project, (2) how Europe compares with existing monetary unions such as the United States, (3) the crisis in the European monetary system and the feasibility of stabilizing exchange rates in the absence of monetary unification, (4) fiscal policy and EMU, (5) labor markets and EMU, (6) the connections between monetary and political union, and (7) EMU and the rest of the world."--BOOK JACKET. "The author views EMU as neither a grand achievement nor a terrible blunder, but as a process. He argues that the effects of monetary unification will depend on how it is structured and governed, and how quickly Europe's markets adapt to a single currency."--Jacket.

339.92 --- Monetary policy --- -Monetary unions --- -339.92 Economische samenwerking en integratie. Tolunie --- Economische samenwerking en integratie. Tolunie --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Monetary unions --- 339.92 Economische samenwerking en integratie. Tolunie --- Monetary unions - European Union countries --- Monetary policy - European Union countries